Quantum Computing (NASDAQ:QUBT) Shares Up 7.2% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s share price shot up 7.2% on Monday . The stock traded as high as $19.95 and last traded at $18.88. 36,343,319 shares traded hands during mid-day trading, an increase of 278% from the average session volume of 9,624,486 shares. The stock had previously closed at $17.62.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets boosted their price objective on Quantum Computing from $8.25 to $8.50 and gave the stock a “buy” rating in a report on Wednesday, November 13th.

Quantum Computing Price Performance

The stock’s 50-day moving average price is $5.56 and its 200-day moving average price is $2.37. The company has a market cap of $2.03 billion, a P/E ratio of -58.93 and a beta of 3.07.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data on Wednesday, October 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The business had revenue of $0.18 million during the quarter.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of QUBT. Virtu Financial LLC boosted its position in shares of Quantum Computing by 377.7% during the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after acquiring an additional 47,880 shares in the last quarter. XTX Topco Ltd bought a new stake in Quantum Computing during the third quarter worth $46,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after purchasing an additional 65,486 shares in the last quarter. Institutional investors own 4.26% of the company’s stock.

About Quantum Computing

Quantum Computing Inc, an integrated photonics company, offers accessible and affordable quantum machines. The company offers Dirac systems are portable, low power, and room temperature qubit and qudit entropy quantum computers (EQC); reservoir computing; remote sensing; and single photon imaging. It also provides Quantum random number generator (uQRNG), a portable device that provides genuine random numbers directly from quantum processes; and quantum authentication which eliminates vulnerabilities inherent in classical cryptographic schemes by offering a comprehensive entanglement-based quantum cyber solution that seamlessly integrates into existing telecom fiber and communication infrastructure.